British Pound: Holds Range Despite Largest GDP Contraction Since 2009

The British Pound held the range-bounce price action from the previous month despite the dismal GDP report, and the sterling may continue to track sideways over the near-term as market participants weigh the outlook for monetary policy. Indeed, economic activity contracted 0.7% in the second quarter to mark the biggest decline since the first three-months of 2009, and the deepening recession may encourage the Bank of England to expand its balance sheet further as central bank officials see a growing risk of undershooting the 2% target for inflation. As the GBPUSD continues to hold above the monthly low (1.5392), we should see the pair hold steady ahead of the BoE interest rate decision on tap for August 2, but we may see the central bank refrain from releasing a policy statement should they revert back to a wait-and-see approach.

You can keep an eye on fundamentals over at forexpros.com they have an excellent calender

Currently I'm using RoboForex along with MetaTrader 4 platform as I found their market refresh rates the highest with no drops on orders

my target im going with the 4 hour chart and midd term supp kicks in 1.5380, but chances are that we head lower then monthly S1, its just a small break for the bears. then things could get real ugly if we head much lower.

Roll Up

Sick new remix by Baauer of Flosstradamus
http://soundcloud.com/foolsgoldrecs/rollup-baauer-remix

Dark Knight Rises Thoughts

(Spoilers)

Initially after watching The Dark Knight Rises I was really happy with what I had just seen and thought Christopher Nolan had achieved what few other directors were able to before which was to create a trilogy where each film is good and compliments the others. I loved the ending and I loved Bane and I loved Catwoman but then I began thinking more about it and now I’m just pissed off with the film that I saw last night.